A Michigan 2nd Mortgage Broker/Lender Bond is required by the State of Michigan Department of Insurance and Financial Services. It is a type of surety bond and required to the required license. The licensing is processed through the Nationwide Mortgage Licensing System (NMLS). The license application and more information on license requirements can be found there. The license is required of:
Any sole proprietor or company who, directly or indirectly, makes or offers to make subordinate lien mortgage loans. This includes any sole proprietor or company that closes 1st lien mortgage loans in its own or assumed name.
Any sole proprietor or company may apply for and obtain a 2nd mortgage broker and lender license and receive authority to conduct subordinate lien mortgage broker and lender activities even if the sole proprietor or company will not actively conduct each authorized activity. Subordinate lien mortgage loan means a loan secured by a 2nd or junior lien position mortgage on real property located in Michigan and used, or improved for use, as a dwelling and designed for occupancy by 4 or fewer families or a land contract covering real property located in this state used, or improved for use, as a dwelling and designed for occupancy by 4 or fewer families.
If you are applying for or currently have a 1st mortgage license, you qualify for a 2nd mortgage registration. For information on a 1st Broker/Lender Bond, click here.
How to Obtain a Michigan 2nd Mortgage Broker/Lender Bond
At Surety1.com we make it easy to apply for this surety bond. Our simple, 3 step process is:
- Complete our easy to navigate and secure online application. 1
- Review your free, no obligation quote form one of our surety bond professional agents, usually within one business day.
- Sign some paperwork and make payment (all major credit cards accepted)
Surety1.com represents over a dozen surety bond markets to obtain a competitive price and terms. Once these steps have been completed, the Michigan 2nd Mortgage Broker/Lender Bond will be filed electronically by Surety1 with the NMLS.
1 – The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Surety1.com is the premier online provider of surety bonds nationwide since 2003. We also maintain an A+ rating from the Better Business Bureau.
Click to Visit our State-by-State Guide to Mortgage industry Surety Bonds